Singapore Job Market 2017: Trends, Salary, and Employment Status

As the third quarter of 2017 ends, the job market in Singapore stays tricky for hopefuls there. Prime Minister Lee states that Singapore’s economy is doing better than it did last year, but he still keeps a careful positive outlook on it. Want a more full and updated report about the Singapore job market? Then, check this article.

Overview

In the advanced labour market report for the second quarter of 2017 from the Manpower Research and Statistics Department, the performance remains mixed. The local joblessness rate and cutbacks grew in the first quarter of 2017. However, the total employment declined, showing a drop in work permit holders in the fields of marine and construction.

Unemployment Rate

The unemployment rate has a slight decline among residents (3.2% in March to 3.1% in June) and citizens (3.5% in March to 3.3% in June). In contrast, the overall unemployment rate (2.2% between March and June 2017) stays the same.

Total Employment Rate

The total employment rate (excluding foreign domestic workers) is dropping with the decrease among marine and construction work permit holders.

Layoffs

Meanwhile, retrenched workers are lesser in the second quarter of 2017 (3500) compared to the earlier quarter (4000). The number was lower than a year ago, too. In fact, the drop over the quarter was broad-based across trades.

Trends That Will Impact the Singapore Job Market in 2017

1. Hiring patterns will be steady in the region. 93% of the surveyed firms in Singapore have said they will raise or keep the headcount in line with the Asia average.

2. Digital, technology, and healthcare can be the country’s fastest-growing sectors, with the Singapore government pledging to boost investment in these areas.

3. Contracting will become popular among Singapore-based employers with almost 70% of the companies surveyed now using suppliers.

4. The search for candidates to fill in-demand roles will remain hard for firms that need candidates with precise skills, including geographic knowledge and firm levels of practice.

5. Employers may adopt a more open-minded approach, in hiring a candidate with most, if not all, required skills and investing in his/her training and development instead.

5. Finance Compliance Manager (SGD 8,000–10,000/month)
– Is up-to-date with legal rules that can affect the business.
– Makes sure the team complies with the new law through proper training and seminars.

6. Quality Lead or Manager (SGD 6,000–10,000/month)
– Helps the company meet client expectations by ensuring the product and service quality.
– Sets up and maintains control and documentary procedures.

7. IT Security Consultant (SGD 4,000–8,000/month)
– Focuses on understanding the risks to the company’s data.
– Analyses possible security breaches and builds up the system to prevent them from happening.

8. Scientific and Regulatory Affairs Specialist or Manager (SGD 4,000–12,000/month)
– Has vast knowledge on scientific, legal, and business issues.
– Makes sure that any product developed, manufactured, or distributed by the company doesn’t go beyond the bounds of the law.
– Shows strong knowledge base and skill set in science, writing, and reading comprehension.
– Has in-depth understanding of the legal matters concerning the company.

9. FinTech Developer (SGD 7,500–12,000/month)
– Designs and improves financial application tools that will help users handle their finances in a breeze.
– Foresees ways to make digital financial dealings safe and easy.

Though the Singapore job market has more or less stayed the same as last year, still a better future awaits hopefuls in a handful of trades. To make the most of your hiring chances, be sure to keep your job-hunting tools standout from those of your competitors. Thus, let the pros handle them for you. Check our services page to know more about our offers.

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